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Jul 31, 2013
07/13
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this is not the type of environment where the fed has to have any temper urgency on dialing back the stimulus. i think it's steady as she goes, $85 billion a month, buy themselves time to see if the economy does pick up a pace as the fed has suggested it will. >> julia, if that is the way it materializes, how do you want to invest around this? >> well, i think that for interest rates, we're going to be pretty range-bound for a while. we may even see rates drift a little lower in the near term if the fed confirms that, in fact, tapering is beginning to be pushed back. so i think the rapid backup in rates and the noted mortgage rates in the statement certainly is a concern to them with an economy that's running at about 1.5% in the first half of the year. so they decided not to take any chances, and what they didn't say spoke volumes. i think tapering in december would be the very earliest they would announce it. and so, what that means is probably -- it's probably good for the stock market and probably good for interest rates, as well. >> yeah, it's interesting, greg, because you don'
this is not the type of environment where the fed has to have any temper urgency on dialing back the stimulus. i think it's steady as she goes, $85 billion a month, buy themselves time to see if the economy does pick up a pace as the fed has suggested it will. >> julia, if that is the way it materializes, how do you want to invest around this? >> well, i think that for interest rates, we're going to be pretty range-bound for a while. we may even see rates drift a little lower in the...
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Sep 23, 2013
09/13
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spending environment, how do you compete? i mean, how slow is the i.t. environment right now? can you characterize it for us? >> well, listen, i think saffron and i said in the call, we're not economists. we read the same stuff you read. our pipelines are up. people still look. they don't necessarily always convert, if you will, to buy as quickly as they used to. but our pipelines are up. so, what we can do, we can't control this macro, maria. we can control our performance within it. customers want two things now. they want to save money. their concern is they get more efficie efficient. they get more out of the dollars they spend. at the same time they have to innovate. i won't take up your time with all the changes in the customer environment, the consumer environment. you talked about mobile, the way customers buy, the way customers shop is all changing. our customers have to innovate to meet that demand. they have to say money to be able to spend money. oracle's in a position to help them do both. >> when you look at the overall technology landscape, are you surprised to
spending environment, how do you compete? i mean, how slow is the i.t. environment right now? can you characterize it for us? >> well, listen, i think saffron and i said in the call, we're not economists. we read the same stuff you read. our pipelines are up. people still look. they don't necessarily always convert, if you will, to buy as quickly as they used to. but our pipelines are up. so, what we can do, we can't control this macro, maria. we can control our performance within it....
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Aug 13, 2013
08/13
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apple, google, amazon, those non-debt-heavy tech giants are trying to pounce on the low-interest-rate environment. do you think apple should issue more debt to buy back stock? >> well, absolutely. i think that's carl's strategy. i saw that the bond traded down slightly. i think, as i said, levering the cash and making them borrow more. i mean, that's the exit strategy i can see. i don't see anybody buying a big piece of apple at $500 a share. >> chris, what would you like to see apple do to increase its shareholder value here? >> well, i think the big increase for them is to be able to increase their sales. i mean, now you see that the droid has got better than 80% of iphone -- i mean, of smartphone sales. and apple is around 14 to 15. and i think they need to do a deal, maybe something with china mobile, something like that. i'm looking at apple now more as a retailer than i look at it as a technology company. so in order for them to make some applesauce, i think they have to really increase the sales. otherwise, their margins are going to erode some. and again, that's not a good thing. >> you k
apple, google, amazon, those non-debt-heavy tech giants are trying to pounce on the low-interest-rate environment. do you think apple should issue more debt to buy back stock? >> well, absolutely. i think that's carl's strategy. i saw that the bond traded down slightly. i think, as i said, levering the cash and making them borrow more. i mean, that's the exit strategy i can see. i don't see anybody buying a big piece of apple at $500 a share. >> chris, what would you like to see...
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Nov 5, 2013
11/13
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third, rated environment reflects a slow economy so we'll always be slower. at high point we had $250 billion in credit card related balances. we now have $150 billion. when we had $250 billion, people would say, what a great money. we still charged off. now our charge-off rate is the lowest going back into the early 2000s and before. you have a much more safe book, whatever comes next, we're much more situated. you gave up revenue but not profit. >> that's a good analysis. but today there was a report out and it basically said, look, the federal reserve -- you probably saw this -- could keep rates as extraordinarily low levels for a decade. in fact, they're going to charnchange the marker. it was they won't raise rates until unemployment hits 6.5%. now they're considering 5.5%. this is going to kill savers, be tough on the banks if rates stay at these rates for an extraordinarily long period, no? >> we largely adjusted to it. i would say 8 to 12 quarters ago we might have had $8 million from the spread in our business, $2 billion more a quarter than we have
third, rated environment reflects a slow economy so we'll always be slower. at high point we had $250 billion in credit card related balances. we now have $150 billion. when we had $250 billion, people would say, what a great money. we still charged off. now our charge-off rate is the lowest going back into the early 2000s and before. you have a much more safe book, whatever comes next, we're much more situated. you gave up revenue but not profit. >> that's a good analysis. but today...
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Jan 30, 2013
01/13
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just go ahead and do it and a gdp report like today shows the private economy can grow in that kind of environment, just like all over the world. lower spending, good for the economy. >> you're right. bob, you recently wrote a piece suggesting allowing rates to rise without tightening monetary policy. how does that work? >> well, i'm not sure it would work. at the december minutes of the last fomc meeting or the next to the last one now, seemed to treat interest rate policy and quantitative easing separately, and the implication was we'd have lower interest rates for a lot longer than we would have continued quantitative easing. i just think the economy would be healthier if they would do the reverse of that and allow interest rates to tick up a little bit, allocate capital a little more effectively, but using quantitative easing, not let the money supply shrink. keep it growing slowly. >> do you think we are going to see a spike in rates? markets will push rates higher at some point? when would you expect rates to start moving up, bob? >> oh, well, when the economy starts showing a lot more healt
just go ahead and do it and a gdp report like today shows the private economy can grow in that kind of environment, just like all over the world. lower spending, good for the economy. >> you're right. bob, you recently wrote a piece suggesting allowing rates to rise without tightening monetary policy. how does that work? >> well, i'm not sure it would work. at the december minutes of the last fomc meeting or the next to the last one now, seemed to treat interest rate policy and...
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Aug 12, 2013
08/13
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among the reasons, he says, an improving economic environment, clarity on regulatory measures, improving credit quality, and giving back more to shareholders, increasing dividends, buying back stock. goldberg still optimistic from the bank stocks from here. to the extent we see an improving economy, he says, the group is leveraged to that. he rates citi, jpmorgan, wells fargo, all overweight. kelly, back to you. >> sure. that would suggest they still have room to run. thank you, josh. anton says there is still plenty of upside momentum left. >> we're going to find out where he sees the opportunities. he's joined now along with jeff hart from sandler o'neil who has the best buys in financials, as well. anton, explain this to me. why they're doing this well. they've got all kinds of regulations being thrown at them. the capital requirements are going up. interest rates are still at record lows, and yet we're talking about how strong the financials are. what is wrong with this picture? >> well, the economy's perking along. i mean, what's more sensitive to housing than financials? and that's
among the reasons, he says, an improving economic environment, clarity on regulatory measures, improving credit quality, and giving back more to shareholders, increasing dividends, buying back stock. goldberg still optimistic from the bank stocks from here. to the extent we see an improving economy, he says, the group is leveraged to that. he rates citi, jpmorgan, wells fargo, all overweight. kelly, back to you. >> sure. that would suggest they still have room to run. thank you, josh....
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Feb 8, 2013
02/13
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that's not case right now. >> particularly in the lower interest rate environment, too. >> right. >> what do you want to look at next week, rick? what's on your radar in. >> 66 billion in sly. 3s, 10s, 30s, tuesday, wednesday and thursday, of course, as many guests have mentioned. retail sales, the big data point, but i always like to monitor supply and see how investors are looking at a slightly higher rate environment to some of the auctions towards the end of 2012. >> that's a good point. how do you think name packets the market, all the new supply coming on? >> well, actually i think it may refocus the argument because even though 195, as our guests said, below the inflation rate, still better than the 140 to 160 area we traded at for a large part in the middle of 2012. >> brian rehling, what's your take? >> you know, i'm sure there will be pretty good demand next week in the short term, but when you're look to allocate your money, even if interest rates stay low and we don't get a rise in yield, you know, there's no money to be made over there. you're working on such slow yields
that's not case right now. >> particularly in the lower interest rate environment, too. >> right. >> what do you want to look at next week, rick? what's on your radar in. >> 66 billion in sly. 3s, 10s, 30s, tuesday, wednesday and thursday, of course, as many guests have mentioned. retail sales, the big data point, but i always like to monitor supply and see how investors are looking at a slightly higher rate environment to some of the auctions towards the end of 2012....
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Jan 11, 2013
01/13
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but it's there on the sidelines, and yet this market keeps going higher because of this interest rate environment, because of the easy money from central bankers. do you still see that kind of conviction on -- on the part of big buyers? >> yes, i do, and i think as we said, the global p myois telling you that we're coming from a dismal place. if you bag back to the fiscal collapse that we went through worldwide, particularly i look to china, for the impact that china continues to have on the global economy. the united states is again demonstrating, may not be the growth rate that we want, but it is in fact heading in the right direction which is why the asset class of exsis should come back into favor. we've been out of favor for years at this point. the weekly money flows we just saw, the first time we've seen positive growth. >> exactly. >> i think that money has been spent quite frankly so that's a tough trade, but at this particular point market has digested what it's going to digest. put in a great first two weeks of january, and i believe the money flows should and will continue into the un
but it's there on the sidelines, and yet this market keeps going higher because of this interest rate environment, because of the easy money from central bankers. do you still see that kind of conviction on -- on the part of big buyers? >> yes, i do, and i think as we said, the global p myois telling you that we're coming from a dismal place. if you bag back to the fiscal collapse that we went through worldwide, particularly i look to china, for the impact that china continues to have on...
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Nov 8, 2013
11/13
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they develop through interactions with people and the environment and figuring out the world. with all their senses. >> so, what's the answer then. should kids have tablets? >> they really -- at a young age, they certainly don't need them. so for young children they don't need them. for kids with special needs, there are great uses. for a typically developing child it's not needed for everything else they can dob with play, be outside, inside, interacting on their own terms and making their own decisions. >> i'll disagree with my colleague a little bit here and say, do i think children need them. this is a super fast world. information highway. this gives them an advantage. but i will agree with her that absolutely parents need to be involved. we have to be careful that children, especially those at risk with social issues, interaction issues, who are very shy, phobias and so on, you have to be careful with those kids and make sure it doesn't become the main form of communication for them with the world. >> so, what's the risk? >> the risk is if you're not -- the risk is, if y
they develop through interactions with people and the environment and figuring out the world. with all their senses. >> so, what's the answer then. should kids have tablets? >> they really -- at a young age, they certainly don't need them. so for young children they don't need them. for kids with special needs, there are great uses. for a typically developing child it's not needed for everything else they can dob with play, be outside, inside, interacting on their own terms and...
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May 14, 2013
05/13
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tepper saying he would be nervous to short anything in this environment. remember, tepper's appearance on cnbc in december 2010 sparked what some called the tepper rally. he said at the time the fed's bond buying program virtually guaranteed strength in stocks. since that appearance, the dow and the s&p have both rocketed higher by some 45%. and in terms of specific picks, tepper said he still has a small position in jpmorgan. his biggest holding remains citi and he still has a position in apple. take a listen to what he said about that stock. >> do they have something revolutionary in the horizon? revolutionary? yeah -- or do they have something evolutionary? if you don't have the steve jobs around to do the revolutionary kind of thing, do the evolutionary kind of thing and you can still have a very good company that gets better. now, if they don't do either, we've got a problem. >> bill, back to you. >> josh, thank you very much. so, to apple, the current management, i mean, the current knock on the company is that management right now is to blame for a
tepper saying he would be nervous to short anything in this environment. remember, tepper's appearance on cnbc in december 2010 sparked what some called the tepper rally. he said at the time the fed's bond buying program virtually guaranteed strength in stocks. since that appearance, the dow and the s&p have both rocketed higher by some 45%. and in terms of specific picks, tepper said he still has a small position in jpmorgan. his biggest holding remains citi and he still has a position in...
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Aug 29, 2013
08/13
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and in what is a slow growth environment. there's, you know, growth is slow and steady in canada just as it is in the united states. that's probably what it is continue to be for some time. >> we are getting used to that new normal. we keep hearing anecdotal evidence that maybe your real estate, residential real estate mark set approaching bubble territory. do you agree? what do you see there? >> i dent don't agree. we are getting signs of some softening, if you will, in terms of volume. so the prices continue to be quite strong. when you lock at fundamentals of the canadian real estate market, they are significantly different than you would have had in the united states for instance, when the real estate market collapsed and structure of our mortgage market is fundamentally different as well. so while there has been some degree of speculation of -- particularly in the condo sector and markets like vancouver and toronto, overall fundamentals remain reasonably well. have you population growth. prices that are high. but still w
and in what is a slow growth environment. there's, you know, growth is slow and steady in canada just as it is in the united states. that's probably what it is continue to be for some time. >> we are getting used to that new normal. we keep hearing anecdotal evidence that maybe your real estate, residential real estate mark set approaching bubble territory. do you agree? what do you see there? >> i dent don't agree. we are getting signs of some softening, if you will, in terms of...
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May 8, 2013
05/13
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you can't put them in an environment where they're going to have a chance to fail. and three, they have to have good character. and that supercedes the first two. over the years, we've had great, great young men come in and they leave us men. and duke does that and then we try to help duke do that for these kids. >> that is great analysis. let me ask you this, coach. i remember the brooklyn nets owner wanted you to coach the team in 2010. the report was that he was willing to pay you $12 million to $15 million a year to coach the team. but you said you had no interest in new jersey. but now the taken is in brooklyn, has your interest changed? >> no, i have a great interest in brooklyn. not just to coach, you know, one of my former players is the gm. billy king and deron williams, who played for me on the olympic teams is there. i love brooklyn. but i only want to coach one place, and that's at duke university and i love duke more than anything and i've had the opportunity to coach the world's best players on the u.s. team. so i've had the best of both worlds. >> all
you can't put them in an environment where they're going to have a chance to fail. and three, they have to have good character. and that supercedes the first two. over the years, we've had great, great young men come in and they leave us men. and duke does that and then we try to help duke do that for these kids. >> that is great analysis. let me ask you this, coach. i remember the brooklyn nets owner wanted you to coach the team in 2010. the report was that he was willing to pay you $12...
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Aug 19, 2013
08/13
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what's the best way to make money in a rising-rate environment? >> well, within fixed income, i think you've got to go credit or high yield. they will certainly stand up a little bit better and that's been the case to date. and munys still look very attractive. within stocks, i think leadership now is being shown now in technology and industrials in a recovering market. you certainly want to stay away from interest rate sensitive sectors. >> what about you, jim la camp, where are you on the rising-rate environment? >> if you're looking at a fixed income, go to loans, they adjust the rate every 45 days and you'll see the share values appreciate and your yield go up over time. so for an income account, that's a good idea. for stocks, i do agree, the industrials and technology appear to be taking the lead here. but i want to point out, and this is something healthy, i'm concerned about the short term, over the next month, for the fourth quarter there's very healthy dynamics forming on this market, and that is that small and midcaps have assumed leade
what's the best way to make money in a rising-rate environment? >> well, within fixed income, i think you've got to go credit or high yield. they will certainly stand up a little bit better and that's been the case to date. and munys still look very attractive. within stocks, i think leadership now is being shown now in technology and industrials in a recovering market. you certainly want to stay away from interest rate sensitive sectors. >> what about you, jim la camp, where are...
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Aug 21, 2013
08/13
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peter, you want to put new money to work in this market, in an environment where we are continuing to see, you know, earnings decelerate, the sentiment sort of challenged? >> i think so -- >> well, i don't want to leave my money in u.s. currency. i'm not going to do that. you're talking about numbers right now. the number that's on everybody's mind is 85. 85 billion a month in qe. you know, the market that lives by qe dies by qe. and, you know, people are starting to factor in tapering. and if the fed tapers, this market's going a lot lower. i don't think they're going to taper. i think they're just bluffing. i think it's all talk. >> come on. bluffing. >> i think the fed knows they built this phony economy, so they'll keep inflating it. they'll keep talking about tapering and talking about why they're going to do it in the future, but not do it right now. they'll keep making up excuses about why they can't do it. if they do, they'll untaper very quickly, and that will be problematic for their credibility. >> peter, one of the things that mystifies me is supply and demand dictates tha
peter, you want to put new money to work in this market, in an environment where we are continuing to see, you know, earnings decelerate, the sentiment sort of challenged? >> i think so -- >> well, i don't want to leave my money in u.s. currency. i'm not going to do that. you're talking about numbers right now. the number that's on everybody's mind is 85. 85 billion a month in qe. you know, the market that lives by qe dies by qe. and, you know, people are starting to factor in...
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Sep 27, 2013
09/13
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like venezuela that have environmental oil emissions and practices that are far more harmful to the environment than anything in canada. >> what is plan "b"? this project will be built. >> yes. >> what, in fact, will you do if you get a no go from america? >> we will keep pushing this. we will not abandon it. there's a lot of support in the united states. not just among business, among labor, among the population at large. every state through the pipeline right is n route is now in favor of it. this is not a thing we can accept a no on. if there's ultimately a fight, the fight will go on until it's accepted. it will be accepted eventually. of course, one of the things this has done in canada has really alerted canadians to the fact that as much as we value our partnership with the united states, it's not necessarily in our own interest to be spelling 99% of our energy exports solely to the united states. so obviously we're looking at projects across the country that will help diversify our export markets overseas. >> including china. >> we're looking at ways to get our product to market both ea
like venezuela that have environmental oil emissions and practices that are far more harmful to the environment than anything in canada. >> what is plan "b"? this project will be built. >> yes. >> what, in fact, will you do if you get a no go from america? >> we will keep pushing this. we will not abandon it. there's a lot of support in the united states. not just among business, among labor, among the population at large. every state through the pipeline right...
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Jan 25, 2013
01/13
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and we really see an environment here where it's really going to be a golden age for individual -- >> like which ones? >> stock selection and active managers. >> pin it down. give us some names. >> okay. well, we like the theme of oil by rail. trinity industries which makes cars that move rail. we like a derivative of the housing recovery briggs & stratton. we also like names where there is kind of secular growth opportunities and we see a shoe carnival as a small retailer regardless of what happens with the consumer we think they can really grow their store base and do it all organically. >> got it. >> shoes on a ship? >> shoe carnival. >> marc travis does the dow get back to the record high in the next week or next week or two and then what happens? >> you know, i would hesitate to annualize up 6% for january. you know, i'm like eric. i'm searching for equity securities where there is a discount between price and value. i would differ a little bit with eric in the small cap space. if you look at the russel 2000 it trades at 16 times operating income. the inverse of that is 6.25, whi
and we really see an environment here where it's really going to be a golden age for individual -- >> like which ones? >> stock selection and active managers. >> pin it down. give us some names. >> okay. well, we like the theme of oil by rail. trinity industries which makes cars that move rail. we like a derivative of the housing recovery briggs & stratton. we also like names where there is kind of secular growth opportunities and we see a shoe carnival as a small...
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Sep 4, 2013
09/13
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action and talk to you and our other guests, before we get specific with bob on the aig, the regulatory environment, and lots to talk about with bob. tom is with us, todd from land capital and our own rick santelli. thank you very much for joining us. bob, let me kick this off with you. does it surprise you to see this market move higher even in the face of so many uncertainties out there? how do you characterize things right now? >> well, we see everything -- and i've said this for quite a while -- a very core strength to this economy. businesses are doing well, and i think the problem is growth, and people investing, putting a little bit of money at risk to create new ideas, new busines s businesses, new technologies, and, therefore, new jobs. so what you're seeing here is that there's a lot of strength here in our economy in particular, around the world. and so, this is just a sign that market also continue to improve, because they believe profits will be there. >> yeah. and, of course, the growth part of what you just said is critical. todd, let me ask you. would you put new money to work in th
action and talk to you and our other guests, before we get specific with bob on the aig, the regulatory environment, and lots to talk about with bob. tom is with us, todd from land capital and our own rick santelli. thank you very much for joining us. bob, let me kick this off with you. does it surprise you to see this market move higher even in the face of so many uncertainties out there? how do you characterize things right now? >> well, we see everything -- and i've said this for quite...
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Jun 27, 2013
06/13
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when i look at the regulatory environment and i see rules, dodd-frank, regulators all over the world. talking about compensation in switzerland and capital, and when i see the tax, and maybe not tax, but fees across the board, the same fee you will pay that j.p. morgan will pay. that bank of america will pay. and that doesn't make sense to me because you have different size businesses. so how -- why is it fair that all of the banks are going to be under the same rule making even though they are all different sizes? aren't we killing small business? are we hurting small and mid caps? >> it played out and it takes the form of -- by the way, same thing that is very hard to conform to, and so then the jobs act which relieved people from other provisions that apply to bigger firms that go to market. allowing capital to be raised more easily. i think there's a tension between a system that is so well policed and believe me that's in the front of everybody's mind after the more recent events. versus a cost of all that safety making it very difficult to advance. and that's a pendulum moving b
when i look at the regulatory environment and i see rules, dodd-frank, regulators all over the world. talking about compensation in switzerland and capital, and when i see the tax, and maybe not tax, but fees across the board, the same fee you will pay that j.p. morgan will pay. that bank of america will pay. and that doesn't make sense to me because you have different size businesses. so how -- why is it fair that all of the banks are going to be under the same rule making even though they are...
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Nov 7, 2013
11/13
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what do you do in the environment? go ahead. >> well, i mean, i don't think that you have to do something like the magic trick of dogs of the dow. all you need to do is really focus on managers whose track records of picking stocks wisely and well and being diversified in terms of growth and value names delivers to the investors' bottom line over meaningful time periods. this is not a market that's shaping up to be a net sell. there are many opportunities. even inside technology, the kinds of names that are selling off the most are precisely the kinds of names that ought to be selling off the most as bob pisani pointed out, they are the momentum stocks. not the stocks whose fundament ams continue to look relatively well valued. especially relative to the broader market. >> i would argue that the momentum stocks are selling off. so i'm not saying it's some sort of magic trick. it just seems to be consensus in the retail space that has worked for the past few decades in terms of some sort of strategy without giving speci
what do you do in the environment? go ahead. >> well, i mean, i don't think that you have to do something like the magic trick of dogs of the dow. all you need to do is really focus on managers whose track records of picking stocks wisely and well and being diversified in terms of growth and value names delivers to the investors' bottom line over meaningful time periods. this is not a market that's shaping up to be a net sell. there are many opportunities. even inside technology, the...
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Aug 30, 2013
08/13
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but given this slow growth environment we're in, a lot of people are tempering their expectations for stocks through the end of the year. back to you. >> is flat the new a-plus, bob? flat is a victory in light of what's going on. thanks. the nasdaq faring a bit better overall. houses a dozen or so defense stocks which are in focus as military action on syria appears to inch closer and closer. let's go over to the nasdaq, seema. >> tet ra, tech among others had a volatile trading session as traders try to understand if or when u.s. will strike syria. in terms of the big movers this month, staples, cisco are the biggest losers. cisco moved to disappointing earnings and restructuring announcement. winners, dell, facebook, netflix up a whopping 16%. apple gaining about 7%, thanks to better than expected earnings and rising anticipation of possibly a new iphone being unveiled on september 10th. back over to you. >> thank you. with the worst month of the year in the rearview mirror, where do we go from here? joining us is stephanie, ralph joining us from altara, joe bell. stephanie, once ag
but given this slow growth environment we're in, a lot of people are tempering their expectations for stocks through the end of the year. back to you. >> is flat the new a-plus, bob? flat is a victory in light of what's going on. thanks. the nasdaq faring a bit better overall. houses a dozen or so defense stocks which are in focus as military action on syria appears to inch closer and closer. let's go over to the nasdaq, seema. >> tet ra, tech among others had a volatile trading...
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Nov 6, 2013
11/13
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you have to be careful but in a low interest rate environment you will have junk bonds still going to be doing okay. >> you got better yields there. meg, what were you going to say? you want to jump in here? >> i was going to say you want to also look at the energy. look what's going on in our country. becoming energy dependent. you can get yield out of mlps, those are a good place to be in the market. the momentum starts getting everybody nervous and tapering, i have to say, that i think it's a big amount of nothing. everybody gets nervous. i might go for halloween as a taper next year. everybody is so scared of it. actually -- >> what would that look like. >> i haven't figured what that would look like. we'll let you know when it happens. >> what's interesting, you know what, maria, interesting point. so many people i spoke to as well said this has been so flat to the market. basically we're expecting it. we don't know what it's going to be, whether it's december, whether it is, you know, january, march next year you know what it's been so well flagged to the market. we've had time
you have to be careful but in a low interest rate environment you will have junk bonds still going to be doing okay. >> you got better yields there. meg, what were you going to say? you want to jump in here? >> i was going to say you want to also look at the energy. look what's going on in our country. becoming energy dependent. you can get yield out of mlps, those are a good place to be in the market. the momentum starts getting everybody nervous and tapering, i have to say, that i...
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Oct 17, 2013
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. >> so low rates act like kryptonite in a market that the economy is driven in a low rate environment. like you said, corporate debt issuance has been strong. corporate balance sheets have still a lot of cash on the sidelines, though, waiting to be deployed. and the 10-year pulling back to 2.6% levels, it seems to be range bound for the time being. and what with the fed on the gas not likely to step off monetary policy any time soon, you couple that with the fact of earnings revenue. we have some misses. but there is also the debt ceiling. as we know, the circus has been postponed for the next three to four months. that could also be pushing stocks higher. >> yes, indeed. still got that high wire act with no underlying net to go with it. gordon schaub, what is moving this market here? is this about earnings again? is it d.c.? is it just simply the fed is still not going to taper yet? >> well, it's a bunch of things, bill, that you mentioned. i think one of the things you didn't mention is the performance squeeze that's affecting fund managers all over the place. look, if you're not fu
. >> so low rates act like kryptonite in a market that the economy is driven in a low rate environment. like you said, corporate debt issuance has been strong. corporate balance sheets have still a lot of cash on the sidelines, though, waiting to be deployed. and the 10-year pulling back to 2.6% levels, it seems to be range bound for the time being. and what with the fed on the gas not likely to step off monetary policy any time soon, you couple that with the fact of earnings revenue. we...
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May 15, 2013
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interest rate environment. ultimately, that money has to find its way into equities, and today, or two years ago, equities were really cheap. today they're slightly cheap. and tomorrow they're going to be more expensive. and i think it's just a matter of people recognizing that and that there's a penalty to being on the sidelines. >> i think, i've got to tell you, there's only one place where they seem to be cheap, and that's over large cap growth. when you look at historic pe ratios, and what stocks are selling for, the one screaming bargain is large cap growth. i like ibw for just that reason. when you look over there, shares over in large cap growth are selling at 75% or a 25% discount to what they have historically. they're the unloved group, and i think they deserve a lot more attention. they're the rodney dangerfield, if you will, of the market. >> are there really any unloved groups here, don? if you listen to the rhetoric, everyone's bullish. all these stocks now seem to be participating. it's not even
interest rate environment. ultimately, that money has to find its way into equities, and today, or two years ago, equities were really cheap. today they're slightly cheap. and tomorrow they're going to be more expensive. and i think it's just a matter of people recognizing that and that there's a penalty to being on the sidelines. >> i think, i've got to tell you, there's only one place where they seem to be cheap, and that's over large cap growth. when you look at historic pe ratios, and...
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Jun 11, 2013
06/13
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. >> we think they're rising at a rate that's reasonable, given that in the current environment live sports are the only thing you have to consume live, and that has great value for our distributor partners and great value for advertisers. >> reporter: adding to espn's costs, new competition. news corp.'s fox sports one, which is law enforcementiunchinn homes in august, while comcast invests more in its rights. they don't expect it to eat into the espn market share, but moffett does blame additional competition for driving up content costs and destabilizing the system, potentially forcing some people to cut the cord. >> the distributors just don't have the pricing power to be able to put through those kinds of price increases to the end user. so inevitably, they're seeing either the subscribers leave the system, because the price is too high, or margins compress because they can't take enough price. >> reporter: cable distributors are continuing to pay espn and its rivals, fox sports one and nbs sports. the question, maria, is when the content becomes so costly for them, that its val
. >> we think they're rising at a rate that's reasonable, given that in the current environment live sports are the only thing you have to consume live, and that has great value for our distributor partners and great value for advertisers. >> reporter: adding to espn's costs, new competition. news corp.'s fox sports one, which is law enforcementiunchinn homes in august, while comcast invests more in its rights. they don't expect it to eat into the espn market share, but moffett does...
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Nov 4, 2013
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you say you don't want to be underweight in an environment where you've got such easy money from the fed, is that right? >> absolutely. we have easy money all around the world, not only the fed but also in europe eurozone and japan. japan has been a big entrant to that. >> do valuations not counter into a decision on when to put money into equities right now? do you worry about valuations even though this market is going up on all of this easy money, as you say? >> yeah. valuations are high, particularly in small caps and in some of the consumer cyclicals. there are still areas for relative value. and i think there's still room for further margin expansion as we look sfwardforward into the future as we keep the asset bubble going. >> nathan? >> i see it that we're in a trading range. we're range-bound. most rallies start at about 11 on an p.e. and end or die around 19 or 20. when you see the 16 or 17 the hard part is that we're halfway between where we've been and where we're likely to go. and absent news like -- we didn't have any great news today so everybody looks around. now is a
you say you don't want to be underweight in an environment where you've got such easy money from the fed, is that right? >> absolutely. we have easy money all around the world, not only the fed but also in europe eurozone and japan. japan has been a big entrant to that. >> do valuations not counter into a decision on when to put money into equities right now? do you worry about valuations even though this market is going up on all of this easy money, as you say? >> yeah....
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Oct 25, 2013
10/13
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add that to the retail environment, which has been bifurcated at best. very fragile and weak at worst. considering deloitte survey this week that said consumers expected to spend 10% more on holiday shopping this year than last. but for the life of me, i certainly cannot find any anecdotal evidence to back that up. in fact, most people i speak with say we're going into the fourth quarter weaker nan expected and wanted. it will likely show up in corporate earnings and revenue. some of this, of course, is simply slow demand. but much of it is brought on by simple uncertainty. which can be traced directly back to the drama and the lack of clarity, that this government continues to instill over and over again. so the government has another shot, come january, when the talks begin again on reigning in the debt. if you were running a large company, would you make big outlays of money and hire new workers, if you have no idea where your tax rates will be? no idea what agency is going to be regulating you? and how much regulation you're going to have to pay for?
add that to the retail environment, which has been bifurcated at best. very fragile and weak at worst. considering deloitte survey this week that said consumers expected to spend 10% more on holiday shopping this year than last. but for the life of me, i certainly cannot find any anecdotal evidence to back that up. in fact, most people i speak with say we're going into the fourth quarter weaker nan expected and wanted. it will likely show up in corporate earnings and revenue. some of this, of...
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Jul 30, 2013
07/13
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environment that runs the network. everything where we get dial tone and et cetera. we didn't compete in that market. that went around the switch. we now with acme packet have now capabilities that now allow us to compete in that market. it's a brain-new market for us. we get to leverage our existing go-to-market for telcos which is large, and now add a set of capabilities we didn't have before. it will help us grow. >> so when do the headwinds get out of the way? you talk about -- i mean, this is the million-dollar question, right? you have europe. you have emerging markets that are troubled. we know that. when do these barriers get out of the way, and when do you see a real vision in terms of growth picking up at oracle? are you going to miss another quart ir? >> listen, sanford and i use the same quote. we're not economists. i can't predict the economy for you. what i can predict for you is us. our ability to execute. our agent to get things done. you'll see us gain share, you'll see us perform and be -- within the context of what we're headed, we'll perform real
environment that runs the network. everything where we get dial tone and et cetera. we didn't compete in that market. that went around the switch. we now with acme packet have now capabilities that now allow us to compete in that market. it's a brain-new market for us. we get to leverage our existing go-to-market for telcos which is large, and now add a set of capabilities we didn't have before. it will help us grow. >> so when do the headwinds get out of the way? you talk about -- i...
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Apr 26, 2013
04/13
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but the environment where topline is not growing is not the kind of environment where the typical ceo is going to be doing a lot of hiring. >> that's a very good point. in terms of technology, why has technology been underperforming? what's wrong with tech? >> i think we're hitting an air pocket in demand. and you're not seeing it just in a couple of names, you're seeing a very common theme, ibm, emc, oracle -- >> a new stake this week. >> sure. you're just seeing an air pocket, and you're also, and i think a lot of companies are going through product transitions, and there's nothing hot right now, we loaded the back end of 2012 with a lot of buying then. i think that's -- that 5% i was telling you about, cash, that's exactly where we'll be looking. i can't believe you can be very, very bullish in the market unless you think tech can come back. it's been really a lousy index when you think about it. i look at the s&p technology index, 35% of them are down on an absolute basis this year. that's not the underpinning of a really healthy stock market. i think those laggards, you know, eba
but the environment where topline is not growing is not the kind of environment where the typical ceo is going to be doing a lot of hiring. >> that's a very good point. in terms of technology, why has technology been underperforming? what's wrong with tech? >> i think we're hitting an air pocket in demand. and you're not seeing it just in a couple of names, you're seeing a very common theme, ibm, emc, oracle -- >> a new stake this week. >> sure. you're just seeing an air...
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Mar 11, 2013
03/13
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story and i think that's the bigger picture that a retail investor needs to look at given the market environment and using some of that cash judiciously over the course of the next two and three months. >> we are seeing growth outside of the united states. people want to participate in the emerging markets still. jeff, is this a place where you would put money? >> it is a place that we have been putting money and i would say we've also globalized our bond portfolio. typical is highly correlated to corporate credit highly correlated to correlated to equities. so we've looked at globalizing our portfolios, trying to exploit opportunities across the globe and some includes emerging markets. so we're finding some value in those areas both on the equities side and on the debt side. >> did you agree, dani? >> to some degree, we would. emerging markets have not done as well as the u.s. market has done and the developed markets have done. but we do think that there a lot of room and no volume there either by the way. really sad volume in the international markets, as well. >> thanks, everybody. really a
story and i think that's the bigger picture that a retail investor needs to look at given the market environment and using some of that cash judiciously over the course of the next two and three months. >> we are seeing growth outside of the united states. people want to participate in the emerging markets still. jeff, is this a place where you would put money? >> it is a place that we have been putting money and i would say we've also globalized our bond portfolio. typical is...
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Nov 18, 2013
11/13
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if anything, wire in a very easy liquidity environment. the real risk to the equity market is the interest rate imbedded. that's a function of inflation right now with the new incoming fed chairman we think there will be continued aggressive liquidity provided. so, the market is fully valued. but we don't think it's overvalued here. >> mark it's true. you could look at the u.s., you could look at europe you could look at japan all over the world we're seeing easy money. that has francetranslated into money-moving stocks. where today would you put new capital to work? >> a couple of places. on balance, not so much in u.s., but europe, japan and china. european schiller cape ratios stand at 40% discount to that of the united states. earnings growth europe is expected to grow to double digit pace in 2014. japan we know we're starting to see the workings finally get friction from shinzo abe's efforts, not just on monetary policy but fiscal reform. china is selling at basically a standard deviation under the global mean price to earnings ratio,
if anything, wire in a very easy liquidity environment. the real risk to the equity market is the interest rate imbedded. that's a function of inflation right now with the new incoming fed chairman we think there will be continued aggressive liquidity provided. so, the market is fully valued. but we don't think it's overvalued here. >> mark it's true. you could look at the u.s., you could look at europe you could look at japan all over the world we're seeing easy money. that has...